Common Trust Federal Credit Union

What Common Trust Federal Credit Union does

Common Trust Federal Credit Union is a federally chartered, member-owned credit union founded in 1966 and headquartered at 8 Cedar Street in Woburn, Massachusetts. It serves individuals who live, work, worship, regularly conduct business, or attend school in approximately 23-25 specified towns across Middlesex County, MA, plus small businesses and legal entities located within that field of membership. Membership requires only a $15 minimum opening deposit in a Share Savings account and is perpetual, meaning members retain status regardless of subsequent employment or residence changes.

The credit union operates four branch locations (Woburn HQ, Bedford, Lexington, and Wellesley) and supports members through a standard digital banking stack: an online banking platform (woburn.ns3web.org), iOS and Android mobile apps, DeposZip remote check deposit with same-day funding for deposits made by 2 p.m., CardNav by CO-OP for real-time debit/credit card controls, and MortgageClick for 24/7 online first-mortgage applications. Members also access a surcharge-free ATM network of more than 30,000 CO-OP terminals plus SUM, NYCE, and CIRRUS networks, and benefit from a financial education center powered by EverFi and TruStage insurance products.

Common Trust FCU earns revenue primarily through net interest income on its lending book (vehicle, personal, mortgage, HELOC, Mastercard credit card, share-secured, and Mass Save 0% APR HEAT loans) and, to a lesser extent, fee income from deposit accounts, ATM surcharges, wire transfers, overdrafts, and stop payments. The 2025 merger with Wellesley Municipal Employees FCU (completed August 31, 2025) and the 2025 merger with Lexington, MA FCU roughly doubled the branch footprint; governance is exercised by a member-elected Board of Directors with President & CEO James McCorkle leading day-to-day operations. All deposits are insured up to $250,000 by the NCUA and, above that limit, in full by the Massachusetts Share Insurance Corporation (MSIC).

Name

Common Trust Federal Credit Union

Legal name

Common Trust Federal Credit Union

Website

https://www.commontrustfcu.org

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

1–10 employees

Short description

Common Trust Federal Credit Union is a federally chartered, member-owned credit union founded in 1966, serving residents, students, and small businesses across about 23-25 Middlesex County, Massachusetts towns through four branches, a digital banking platform, and a diversified consumer lending and deposit product set.

Ownership category

akta.pro rank

Product category

Credit Union / Retail Banking

NAICS

Credit Unions (52213)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Credit union banking
• Consumer lending
• Deposit accounts
• Home mortgage loans
• Digital banking services

Headquarters

HQ city

Woburn

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Primary revenue from interest charged on vehicle loans, personal loans, mortgages, home equity loans, and credit cards. Rates vary by product type and creditworthiness.
2. Deposit Account Fees: Various account fees including monthly maintenance ($2.00, waived with e-Statements or for under 18/over 65), ATM fees for excess withdrawals at foreign terminals ($1.50), non-sufficient funds ($30.00), overdraft transfers ($10.00), wire transfers ($15-$40), stop payments ($20.00), and other service charges.
3. Share/IRA Certificate Investment Income: Members invest in share certificates with terms from 6 to 36 months, paying fixed dividends. IRA accounts available including Traditional and Roth IRAs.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Common Trust Federal Credit Union is a federally chartered, member-owned cooperative that accepts deposits and originates consumer loans for individuals and small businesses in Middlesex County, Massachusetts. It funds itself through share savings, checking, money market, certificate, and IRA deposits, and lends against those deposits via vehicle, personal, credit card, mortgage, and home equity loans. Members access the credit union through four branch locations plus online, mobile, ATM, and shared-branching channels.

Product overview

Common Trust Federal Credit Union is a member-owned financial institution offering a comprehensive suite of banking products and services. The core portfolio includes Share Savings Account, Share Draft/Checking, Student Package, Club Accounts, Share/IRA Certificates, and Money Market Accounts for deposit products. Lending products encompass Vehicle Loans (auto, motorcycle, RV, boat), Personal Loans, Mastercard Credit Card, First Mortgages via MortgageClick, Home Equity Loans and HELOCs, and the Mass Save HEAT Loan. Digital banking services include Online Banking, Mobile Banking App, e-Statements, Bill Pay, Remote Check Deposit via DeposZip, and CardNav by CO-OP for card management. The institution also offers TruStage insurance products and a Financial Education Center through EverFi. Recent growth includes mergers with Wellesley Municipal Employees FCU and Lexington MA FCU, expanding to four branch locations serving 23 Middlesex County communities.

Differentiator

Problem solved

Functional benefit

Products and services

• Share Savings Account Primary savings account required for credit union membership with a $15 minimum opening deposit. Earns dividends on balances of $50 or more, compounded daily and paid quarterly, and grants member-owner voting privileges at the Annual Member Meeting.
• Share Draft/Checking Account Full-featured checking account with no minimum balance, no monthly service charge, and no per-check fee. Includes an overdraft line of credit option, direct deposit, direct bill payment, and a MasterMoney ATM/Check Debit Card accepted at Mastercard locations.
• Student Package Banking package for students enrolled in approved communities. Includes a share account, share draft checking with the first box of checks free, a Mastercard debit card accepted at 30,000+ CO-OP ATMs, free online and mobile banking, and a Mastercard credit card with a $300 limit.
• Club Accounts (Holiday, Vacation, All-Purpose) Goal-based savings accounts with defined time frames to help members save for specific purposes. Funds can be transferred via direct deposit or payroll deduction and earn dividends.
• Share/IRA Certificates Certificate of Deposit (CD) products with terms from 6 to 36 months and a $500 minimum opening deposit, paying fixed dividends higher than regular savings. Also includes Traditional IRA and Roth IRA options.
• Money Market Account High-interest savings account with flexible access that combines higher interest rates than regular savings with the ability to withdraw funds as needed. Federally insured with tiered interest rates based on balance.
• Vehicle Loans (Auto/Motorcycle/RV/Boat) Financing for new and used vehicles including autos, motorcycles, RVs, and boats. Offers up to 120% financing on new vehicles and up to 7-year terms on new cars, with GAP insurance options available.
• Personal Loans Unsecured personal loans, share-secured loans, holiday loans, tax loans, vacation loans, and computer loans with rates varying by loan type and terms up to 120 months for share-secured loans.
• Mastercard Credit Card Low-interest Mastercard credit card with revolving line of credit, no application fee, 25-day grace period on purchases, cash advances available, and card on/off control. Maximum credit limit $15,000.
• First Mortgages First mortgage loans with online application capability through the MortgageClick platform. Members can apply 24/7 with potential commitment letters, view current rates, run financing scenarios, and access educational information about home buying.
• Home Equity Loans and Lines of Credit Home equity lines of credit (HELOCs) and fixed-rate home equity loans on owner-occupied properties, eligible up to 80% of appraised value minus first mortgage balance, with a maximum of $400,000 and variable or fixed rate options.
• Mass Save HEAT Loan 0% APR financing program for qualified energy efficiency improvements through the Mass Save program. Qualified improvements include weatherization, replacement windows, residential batteries, heat pumps, and heat pump water heaters, with a maximum $25,000-$30,000 lifetime loan amount.
• Online Banking 24/7 internet banking platform providing account balances, transaction histories, cleared check information, fund transfers, loan payments, statement viewing, and year-to-date dividend/interest information.
• Mobile Banking App Mobile banking application for iPhone and Android devices. Features include account balance viewing, transaction history, fund transfers between accounts, bill payment, person-to-person transfers, SMS transfers, alerts, and check deposits via DeposZip.
• e-Statements Paperless online statement delivery for deposit and credit card accounts, delivered 3-5 times faster than paper, with interactive access to sort transactions and receive automated alerts.
• Bill Pay Online bill payment service for checking account holders, allowing scheduling of one-time or recurring payments for mortgages, car loans, and other bills 24/7, retaining payee contract information for faster processing of varying amounts.
• Remote Check Deposit (DeposZip) Deposit checks remotely via online banking or mobile app by scanning or photographing endorsed checks. Funds credited same business day if deposited by 2 p.m.; free for members.
• CardNav by CO-OP

Quantifiable outcome

• Share Savings rate of 0.10% APY vs typical bank rates
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability2 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and major.

• Lexington MA Federal Credit UnioncoreStrategic or Co-development Partner · 9 December 2025Merger with Lexington MA FCU completed in 2025 as part of strategic growth initiatives. Added the Lexington branch location to the credit union's network.
• Wellesley Municipal Employees Federal Credit UnioncoreStrategic or Co-development Partner · 30 April 2025Merger completed August 31, 2025. Wellesley Municipal Employees FCU merged into Common Trust FCU, expanding the credit union's membership base and adding the Wellesley branch location. This strategic partnership was approved by both boards and endorsed by WMEFCU voting membership.
• CO-OP Financial ServicescoreTechnology or IntegrationCO-OP provides surcharge-free ATM network access with over 30,000 ATMs, shared branching services, and card processing. Also provides CardNav security app for real-time card control.
• TruStage InsurancemajorGTM or Marketing PartnerExclusive insurance partner offering TruStage Life Insurance, Auto & Home Insurance, and Accidental Death & Dismemberment coverage to credit union members. Members receive up to $1,000 free AD&D coverage.
• MortgageClickmajorTechnology or IntegrationOnline mortgage center platform allowing members to apply 24/7 for first mortgages, receive potential commitment within minutes, research loan options, and access educational home-buying content.
• Mass SavemajorStrategic or Co-development PartnerState program partner offering 0% APR HEAT Loans up to $25,000-$30,000 for qualified energy efficiency improvements including weatherization, windows, heat pumps, and residential batteries.
• MastercardcoreTechnology or IntegrationCredit and debit card network partner. Provides Mastercard Credit Cards with 9.90% APR and debit cards accepted wherever Mastercard logo is displayed.
• MSIC (Massachusetts Credit Union Share Insurance Corporation)coreOthersState-chartered insurance corporation providing excess deposit insurance above NCUA federal limits, fully insuring member deposits at Common Trust FCU without limits.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Metro Credit Union: Boston-area community credit union offering share accounts, consumer loans, mortgages, and digital banking to a geographic membership comparable to Common Trust's. Closely comparable operating model and product set.
• Digital Federal Credit Union (DCU): Massachusetts-headquartered federal credit union serving a comparable New England membership with a similar full suite of consumer deposit, lending, and digital banking products — but at materially greater scale, making DCU a useful benchmark for Common Trust's growth trajectory.
• Bethpage Federal Credit Union: Long Island-based federal credit union with a comparable full-service deposit, consumer-lending, mortgage, and digital-banking product set — useful as a peer for community FCU economics at slightly larger scale.
• Alliant Credit Union: Large digital-first credit union offering deposit accounts, consumer loans, mortgages, and credit cards nationally — relevant as a competitive benchmark for Common Trust's online/mobile banking roadmap and member-acquisition economics.
• Workers Credit Union: Massachusetts-based community credit union with a field-of-membership model and consumer/mortgage lending mix that closely mirrors Common Trust's positioning, including NCUA-insured deposit products and member-owned governance.
• Hanscom Federal Credit Union: Federal credit union chartered at Hanscom Air Force Base in Bedford, MA — the same town where Common Trust FCU operates a branch. Both are small, community-focused federal credit unions with overlapping Middlesex County membership and similar deposit-and-lending product mixes.
• Bay Federal Credit Union: Community federal credit union offering consumer deposits, lending, and digital banking to a defined geographic field of membership — directly comparable in scale, charter type, and product breadth to Common Trust FCU.
• St. Mary's Credit Union: Massachusetts community credit union offering share savings, checking, vehicle loans, mortgages, and digital banking to a defined New England membership — a near-equivalent operating model for benchmarking.

Broad incumbents

• Rockland Trust (Independent Bank Corp): Massachusetts-headquartered commercial bank with branches across the state including Middlesex County. Competes with Common Trust on consumer deposits, mortgages, and small-business banking — a larger incumbent setting competitive benchmarks on rate sheets.
• HarborOne Bank: Massachusetts-based community bank with retail deposit, consumer lending, and mortgage products overlapping Common Trust's offerings — relevant as a regional incumbent competing for the same Middlesex County members.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/commontrustfcu

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Common Trust Federal Credit Union